It is Now Cheaper to Buy than Rent in 98% of Britain, Plus More

Welcome to the latest edition of the David Doyle newsletter.

In this month's edition, it is now cheaper to buy than to rent in 98% of Great Britain, 40% of buyers will buy based on first impressions alone and we share a guide to getting the most out of the space in your home.

It is Cheaper to Buy than to Rent in 98% of Britain

 

 

According to the recent research, renters throughout the UK could save &1,600 a year on average if they were to buy a home instead of renting one.

A new study from Zoopla has looked into the 50 largest cities in the country to find out how rental and mortgage payments compare.

Out of the 50 cities that were used in the study, London was revealed to be the only city in which renting is the more affordable option.

The research was based on an 85% loan-to-value mortgage and the average asking price, which is just short of &150k.

Average mortgage payments in this price range were found to be &564 per month, whereas monthly rental payments stood at &700.47, almost &150 more than paying a mortgage.

There have been indications throughout 2017 of further increases to the average rental rates, with changes to tax regulations and an increase in stamp duty being passed on to tenants to ease the cost on landlords.

The study showed that Glasgow was the city with the largest margin when comparing renting to owning, showing a huge 57% drop in monthly payments, for those who chose to own instead of rent.

Similar figures were seen in Bradford and Dundee, with renters paying a 53% and 52% premium respectively.

London was the only place where renting was the more suitable option for those on a budget, with homeowners in the capital paying just over a 15% premium in comparison to renters.

Spokesperson for Zoopla, Lawrence Hall commented on the findings, stating, “These figures demonstrate that renters across Britain are paying a premium compared to homeowners servicing a mortgage. Now only London appears a preferable city for renting,”

Hall went on to say, “However, the recent announcement of a rise in threshold for the stamp duty tax may encourage more first-time buyers on to the market, so it will be interesting to see whether this boost for first-time buyers impacts property prices in the near future.”

40% Of Buyers Will Decide To Buy Based On First Impression Alone

 

As any estate agent can tell you, a successful sale hinges on a good first impression. Prospective buyers possess a sixth sense when it comes to viewing a property and if things aren’t up to scratch – inside and out – you can guarantee they will spot it.

In fact, a recent study has revealed that the average house hunter only needs eight minutes to decide if a property is for them or not.

In fact, six in ten adults will also choose not to buy a property based on the condition of the exterior of the property, without even needing to view the inside.

In comparison, 18% of buyers admitted to buying the very first property they view and 15% said they decided to buy the property before they had even viewed it in person.

This decisiveness extends online, with the average buyer spending eight minutes deciding whether or not to visit a property – highlighting the importance of a good online advert.

75% also confessed to being irritated upon finding that an advert or online listing does not accurately represent a property when visiting in person.

The study also revealed which aspects of a viewing signalled an early exit for many prospective buyers. The main offender was an obvious damp patch, which 60% of buyers said would put a stop to any future transaction, whilst a house on a main road or cracks in the wall would also put an end to the viewing.

For the buyers who are good at seeking out the problematic finer details of the property, there were some decisive reasons for buyers backing out of the viewing, such as dirty toilet pipes, overflowing bins, wheelie bins left in front of the property and faded or yellowed paintwork.

Some viewers take issue with a sellers lack of preparation for the viewing such as untidy rooms, poor DIY and ashtrays left around the house.

Other reasons included logistical problems such as the size of the rooms being too small for the buyer’s furniture, issues with the natural lighting of the property. The current owner’s furniture cluttering up the layout of a room, preventing the buyer’s imagination from running wild, led to over a third of buyers to back out of a purchase.

The list showcases the importance of sprucing up your home – both before putting it on the market and before every viewing. A prospective buyer needs to weigh up the additional costs and work involved in buying a property. Ensure you give your home the most generic makeover possible and organise your possessions and furniture in a way that won’t distract the prospective buyer.

Getting the Most Out of The Wasted Space in Your Home

 

The majority of homeowners are guilty of not getting the most out of the available space in their home, so we have put together some ideas for getting the most out of your home.

Create a micro office
Depending on the size of your home, sometimes taking over a room to create an office just isn’t feasible. Why not create a micro office? A small desk or a sturdy shelf can be installed in a small area of wasted space to create the perfect working area.

Build in a multi-tasking bench
Some homes feature a huge landing and wide windows which go completely to waste! A multi-tasking bench, with storage capabilities, colourful pillows and cushions to brighten up the corridor is the perfect way to make use of the some of the space that traditionally goes to waste in most homes.

Put up some shelves
Shelves are more than just a solution to storage, it’s also a great way to decorate the wasted space in your home. Colour code your books to add a splash of colour to your rooms.

Reading nook
Unused spaces in the corner of the room or in a window alcove can be perfect for creating a reading nook. A comfy chair, a table for your drink and a pile of books is all you need to create a comfortable place for getting to know a new book.

Ceiling shelves
Most shelving units only make use of a small portion of the available space. Placing shelves on top of other units, such as the kitchen counter, or in nooks and corners with built-in cabinets, and ensuring the shelves measure up to the ceiling making usage of all the available space.